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2016 Financial Report of the United States Government


Notes to the Financial Statements

Note 15. Insurance and Guarantee Program Liabilities

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Insurance and Guarantee Program Liabilities as of September 30, 2016, and 2015
(In billions of dollars)
2016
Reclass
2015
Insurance and Guarantee Program Liabilities:
Pension Benefit Guaranty Corporation - Benefit Pension Plans 110.0 161.1
Department of Agriculture—Federal Crop Insurance 8.9 8.3
All other insurance and guarantee programs 3.4 0.9
Total insurance and guarantee program liabilities 122.3 170.3

As of September 30, 2016, and 2015, $110.0 billion and $161.1 billion, respectively, pertain to the PBGC single-employer and multiemployer pension plans. PBGC insures pension benefits for participants in covered defined benefit pension plans. As a wholly-owned corporation of the government, PBGC’s financial activity and balances are included in the consolidated financial statements of the government. The decrease from 2016 to 2015 is due to a change resulting from clarifying Treasury guidance for fiscal year 2016 regarding fiduciary activities. As a result of reflecting PBGC’s Trust Fund as fiduciary activity for fiscal year 2016, amounts in the table above display a decrease for the PBGC – Benefit Pension Plans. The PBGC single-employer program now reports a portion of the present value of future benefits in Note 21—Fiduciary Activities.

As of September 30, 2016, and 2015, $8.9 billion and $8.3 billion, respectively, pertain to the USDA’s Federal Crop Insurance Program. The Federal Crop Insurance Program is administered by the Federal Crop Insurance Corporation, whose mission is to provide an actuarially sound risk management program to reduce agricultural producers’ economic losses due to natural disasters.

In fiscal year 2016, FDIC liabilities were reclassified to Note 16—Other Liabilities for fiscal year 2016 and 2015.

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